Are you a collector of classic cars? If you’ve ever experienced an emergency in your life that required cash right away – such as a roof damaged by a storm, for example – you may not have realized that you have the perfect method for getting a fast loan sitting right in your garage.
Many collectors would never even consider selling or pawning their beloved classic cars, not even in a time of emergency. But a classic car title loan is not the same thing as pawning or selling. All it means is that you used the car’s title as assurance to the company that you will pay back the loan. Provided that you borrow only what you know you can afford to pay back, there is no risk to your car.
The fact that you have a classic car, which are typically worth far more money than the average daily driver, means that you may be able to get a larger auto title loan. This can help cover that last-minute emergency that needs cash right away.
When you get a classic car title loan, one of our many different loan types, it’s important to only borrow what you can afford to pay back. While it’s tempting to borrow more simply because you can, with such valuable collateral, don’t forget that interest will make the payments higher. Taking out an auto title loan against a classic car works best when you simply need a quick loan to pay for services over a weekend or holiday, while you wait for traditional funding to clear the bank. Then you can pay back the loan quickly to reduce the amount of total interest you must pay, and keep your car safe from repossession.
While it’s never an ideal situation to be without an emergency savings, there may come a time when you can’t get to your savings, or when you need money before you have access to it. In those cases, having a classic car to put up as collateral can help you easily get an auto loan in the amount you need, and won’t take more than a few minutes to secure.